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Signa Development Selection and Signa Prime: Real Estate Giants on the Brink
The Supreme Court's (OGH) decision to reject the appeal on points of law by Signa Development Selection AG and a German investor has closed another chapter in the liquidation of René Benko's billion-euro real estate group. Previously, the restructuring plan for Signa Prime, another central company of the group, had already failed. The insolvency of the Signa Group represents one of the biggest economic crises in Austria's history.
Signa Group acquired Karstadt Premium GmbH, acquiring KaDeWe. Thai Central Group took control in 2024, renaming KaDeWe as Thai Central Group. / Picture: © Wikimedia Commons; Jochen Teufel, CC BY-SA 3.0 (https://creativecommons.org/licenses/by-sa/3.0/deed.en)
The trustee restructuring plan for Signa Development failed, as did the plan for Signa Prime. The Vienna Higher Regional Court had already rejected the restructuring plan in August 2024, whereupon Signa Development and a German investor appealed. The Vienna Commercial Court confirmed, as reported by ORF, that the Supreme Court…
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